gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
629ffb1f5b5ecca3
Response Measures
None
Description
The bank suspended during the February 1933 Michigan bank holiday and never reopened for normal business; its assets were liquidated and a new institution, Peoples National Bank, was formed to take over a portion of its business.
Events (4)
1.February 14, 1933Suspension
Cause
Government Action
Cause Details
Closed by the Michigan state banking holiday declared by Governor Comstock.
Newspaper Excerpt
The bank closed when the holiday was called by Gov. Comstock in February, 1933.
Source
newspapers
2.March 21, 1933Other
Newspaper Excerpt
Examiner Pittman of the federal reserve and State Banking Commissioner Reichert have found the bank to be in such condition that new cash assessments be, unnecessary Their instructions for opening call simply for subscription by depositors and stockholders for new preferred stock in an amount equaling 20 per cent of the old deposits.
Source
newspapers
3.October 3, 1933Other
Newspaper Excerpt
Final papers of the Peoples National have been Washington expected the bank to meet about positors per cent of their deposits in the Grand Rapids Savings Peoples National bank start including stock. participation through RFC. and stock surplus, local Balance deposits in Grand ids Savings bank to be liquidated.
Source
newspapers
4.February 21, 1934Receivership
Newspaper Excerpt
Receiver McCaslin, who stated he is authorized by the state banking commission and RFC to take legal action if necessary, Wednesday sent the following letter to stockholders of the Grand Rapids Savings bank: 'Under date of Feb. 21, 1934, I notified you in accordance with instructions of the advisory banking...'
Source
newspapers
Newspaper Articles (22)
1.March 21, 1933The Grand Rapids PressGrand Rapids, MI
Article Text
G. SAVINGS BANK DEPOSITORS GET 20 PER CENT STOCK
Will Draw 6 Per Cent Interest Instead of the Former 3.
NEW CHAIRMAN CORNELIUS
Impounded Balances Available: Backed by Government Currency.
Seventy-four thousand depositors of the Grand Rapids Savings bank were given surance Tuesday morning of its 100 per cent opening within the next few days upon completion of one of the most accommodating plans of recapitalization placed before any bank closed by the holiday. Examiner Pittman of the federal reserve and State Banking Commissioner Reichert have found the bank to be in such condition that new cash assessments be, unnecessary Their instructions for opening call simply for subscription by depositors and stockholders for new preferred stock in an amount equaling 20 per cent of the old deposits. The stock may be purchased by a transfer of impounded deposits. When this subscription has been obtained the bank will open for full business in all departments, backed by government currency and with no restrictions except the hoarding rule applied by the secretary of the treasury for all reopened banks. Less than a week is expected be required for obtaining the new subscriptions.
Capable Citizen Serves.
Much of resulting the federal and state approval of the plan by Louis nelius, director president the Wolverine Brass Co. and city weldirector. Grand Rapids bank board Tuesday morning the ceeding the late William Alden Smith Cornelius long record service the been from 1912 to the presHe was an original now director the Grand Rapids Trust Co., hav. served addition his facturing and Mr. Cornelius nationally on national the American Society Mechanical and director neers. American Society of Sanitary Engi-
Response Is Gratifying immediately greeted new plan Cornelius Tuesday morning. have been coming bank the expressing cordial suparrangecompleting the and opening Other within the next few officers the bank will Six Per Cent Preferred Stock.
The new capital raised among ferred form of depositors prestock, cumulative assessable. Blanks the scription been printed diately and will be available immeDetails of this plan have been board the posal after repeated with federal reserve officials Chicago and with state department in though the proposition has been of formation its could until full approval had been obtained Successful of the extra will restore Grand Rapids full oldest banking institutions of regarded Grand Savings bank investment in home and tied up liquid large degree. Rather than force these homeofficials the of work out plan whereby loans tended and safe liquid balance retained. will add present capital of Daane, reported. to the capitalizaplus surplus, the amount of which yet due to current readjust The new capitalization will of the largest bank in Michigan outside For the depositors the arrange80 impounded balances which he may fit. other the will be stock interest annually compared cent The stock will for there dispose therefore virtually makes 100 per depositors' The will subject to period determined pected the entire issue will be withDepositors may sign stock applications the main bank branches Those to bank and tunity to sign the
2.March 21, 1933The Grand Rapids PressGrand Rapids, MI
Article Text
BANK PLAN COVERS PUBLIC DEPOSITS
County General and City Sinking Funds Embraced in Stock Project.
RELEASES NEEDED CASH
The county general fund of $850,the sinking fund would be by regulation cent unrestricted withdrawal stock purchase that would the opening the Grand Rapids Savings bank, public officials were informed Tuesday by Cornelius, chairman bank's board as head of the department. Mr. presenting the authorities information under the reopen federal license, explained that smallest depositors affected withdrawal federal and bank authorities include city county because of their deposits. Attorney Dale Souter and Bartel Jonkman stated was equitable that released the major portion of the public Chairman Frank W. Peterson of county finance immediately the city hall ference called into conference the county road which has share county posit. City Attorney Souter called meeting of the sinking fund commission for Mr. Souter said he suggest for the consideration the sinking fund that the in preferred stock the would be taken be absorbed in the fund. Comptroller Harry conversation subsequent to the morning conference likely that the city would sell some of its sinking fund securities to bond mathat some could be the ment stock would substitute of the securities remaining. The the county officials will confer further matter present it to the full board which meets again Friday
3.March 21, 1933Grand Haven TribuneGrand Haven, MI
Article Text
PREPARE TO OPEN BANK
Grand Rapids Savings Bank May Be Reopened by End of Week
GRAND RAPIDS, March The Grand Rapids Savings bank, founded in 1870 and, one of the oldest banks in Grand Rapids, having 74,000 depositors and record having financed many homes any institution the city, will be open for unrestricted business within few days. It is not impossible that the bank may be opened before the end of the week. All depends upon the speed with which the arrangements which been suggested and given the approval of the treasury department of the United States and the state banking commissioner can be completed. Officials and employes of the bank working day and night are complete these arrangements. Once they are completed no time be lost throwing open the doors of this old bank which will find itself sound to the core, liquid the last degree, its position backed by the United States of America and position of safety depositors that excelled banking institution in Amer-
4.March 21, 1933The Herald-PalladiumBenton Harbor, MI
Article Text
FEDERAL RESERVE OUTLINES PLAN TO REOPEN G. BANK
(By Associated Press) RAPIDS. March 21-Officials of the Grand Rapids Savings bank today were attempting to fulfill details financing program outlined by the Federal bank of Chicago for reopening the instituUnder the proposed set-up, the bank would upward of 000 in cash immediately liquid curities reopening, through adidtion of to the present capitalization of Depositors would be required to use at least 20 percent of their impound-
5.March 29, 1933Battle Creek Moon-JournalBattle Creek, MI
Article Text
GRAND RAPIDS TRUST COMPANY IS REOPENED
Grand Rapids, Mich., March 29. of the Grand Rapids Trust company for regular business under restrictions prohibiting withdrawals for hoarding today eased the strained banking situation here. Two other banks, the Grand Rapids Savings bank and the Grand Rapids National bank, reported reorganization plans virtually complete. They expect to rewithin few days. The savings bank asked Its depositors purchase preferred stock with 20 per cent of their ings, while the national bank will be reorganized with original stockholders surrendering their stock.
6.June 29, 1933The Grand Rapids PressGrand Rapids, MI
Article Text
GOES TO WASHINGTON
McCaslin of Grand Rapids Savings Bank Has New Plan.
ACCOMPANED BY DAANE
William R. McCaslin, conservator the Rapids Savings bank, and Gilbert Daane, president of that Thursday route for where they with treasury. reconstruction corporation and other officials plan for and reopenof the Grand Rapids Savings bank. They will return the coming week. Mr. McCaslin said Thursday he spent Wednesday afternoon Lansing Gov. Comstock Bank Commissioner Rudolph Richert regarding the plan for opening to be submitted at "The governor and the banking commissioner with 100 said "and much and that the prospects favorable for opening of the bank. "What the plan be submitted Washington would not be advisable say now. It wouldn't make the plan But feel greatly encouraged.'
7.July 12, 1933The Kalamazoo GazetteKalamazoo, MI
Article Text
APPROVES GRAND RAPIDS BANK REOPENING PLAN
GRAND RAPIDS, Mich. July H. the Michigan Finance Corporaannounced today after an late Tuesday night meeting with officials of Grand Rapids Savings Bank that he had approved plan under which the institution may be opened for normal business
8.July 12, 1933The Herald-PressSaint Joseph, MI
Article Text
Last Minute News Flashes
REBUKES U. OFFICIAL DETROIT, July 13 claring that "never in my nearly years of practice in the law have seen such spectacle," Judge Harry B. Keidan, heading grand jury investigation of the closing two national banks here, today livered from the bench vigorrebuke federal official for refusal to testify on matinvolving governmental tion in closing the banks. The witness Fred Brown, forpresident of the First National now an assistant the bank's federal receiver.
SPURN GOLD BLOC LONDON, July 12 American federal reserve board, understood authoritative quarters today, has vetoed the participation by the United States delegation at the world economic conference discusof resolution calling for central bank cooperation. The resolution was backed by the European gold bloc.
ORDER FIVE EXECUTED MOSCOW, July 12 cooks in three different workers' in Moscow were today death mies of soviet state throwing nails, glass and wire into food they prepared, serving spoiled food and arbitrarily ducing fixed portions.
CHANGES POSTMASTER LAW WASHINGTON, July In executive order changing regulations for pointments, President GenFarley draft legislation to submitted to the next placing all postmasterships under civil service.
BANK OPENING GRAND RAPIDS, Mich., (AP) Stoddard, the Michigan representative of the Reconstruction Finance corporation, announced today after an unannounced late night meeting with officials Grand Rapids Savings bank, that he approved plan under the institution may reopened for normal busi-
9.July 13, 1933The Escanaba Daily PressEscanaba, MI
Article Text
CITY PROJECTS GET APPROVAL
About Million Advanced to Municipalities in Federal Funds
Washington, July 12 (AP) President Roosevelt gave final approval today to the first big batch of federal jects under the public works program, the entire group totalling less than $100,and comprising chiefly items recommended by the recla mation service and the agricul ture department. The items will be made public tomorrow or Friday together about in advances to municipalities whose projects were approved by the cabinet advisory board today in its first consideration of non-federal items. The program approved by the president than the total favorably passed upon terday by board because large number of river and harbor projects held up to be submitted to him later with other army funds.
BANK MAY REOPEN
Grand Rapids, July 12 ard Stoddard, Michigan representative of the Fi nance corporation, has announced approval plan under which Grand Rapids Savings Bank operating on limited scale since the state bank holiday, may be opened. He said the approval had been forwarded to Washington for final action. but declined to reveal details of the plan.
10.July 14, 1933Jackson Citizen PatriotJackson, MI
Article Text
TURNS OUTSTATE BANKS
Jackson One of First Cities to Be Aided in Establishing of New Banks.
Detroit, July of in Detroit's closed banks Howard Stoddard. chief of Finance corporation's examiners in pects work lay reorganizaoutstate banks organized in ten Stoddard naming some them. In he bank the First bank, In Grand Rapids, replace the Grand Rapids 50 per while Rapids Savings bank will be vanced by the augmenting locally raised are working Battle Stoddard said. expect Saginaw He did not name other cities.
Building On Increase. of the Indicompany today that throughout United States the first dency an upturn since late said, every month since August, 1932.
Detroit Lists Unemployed. listed first total ficials reach 50,000 before is concluded Saturday night. The purpose the registration provide city public projects will be on chosen.
11.August 17, 1933The Ann Arbor NewsAnn Arbor, MI
Article Text
State Briefs
Melvin LiverDetroit. (U.P.) died few hours hospital here from admittance to resulting from fall of was when the acciClemens near dent
(U.P.) Coast guards Leland their search for the have bodies of three persons their fell ished when Michigan June 22. search Lake extended from here to Empire following discovery of jacket that James identified as the ill-fated pilot of washed up The garment the beach at Pyramid Point
Grand tors Peoples National bank are to meet early next week elect officers and approve to board of directors William R. McCaslin, conservator of Grand Rapids Savings bank announced that $500,000 has been subscribed to stock for the new institution The government is to take $500,000 in preferred stock
Mt. Pleasant. Rob. was critically erts, wounded when struck by shotgun charge when the gun was fired accidentally by his uncle, Leo Lyons. Lyons placing the weapon against the wall when it discharged.
Edmore from spontaneous combustion destroyed the home and outlying buildings on the farm of Thomas Huyck near here with loss estimated at $10,000.
Mt. Pleasant.- Pure Oil Pipe Line Co. has cut the price of crude oil 10 cents barrel to cents. The company buys the major portion of the output of the 10. cal field.
Detroit. Marshall Abrams was sentenced to serve 30 days in county jail for false testimony be-
12.October 3, 1933The Grand Rapids PressGrand Rapids, MI
Article Text
MOORE TO HEAD BANK
(Continued from First Page.) Grand Rapids Savings bank, it Final papers of the Peoples National have been Washington expected the bank to meet about positors per cent of their deposits in the Grand Rapids Savings Peoples National bank start including stock. participation through RFC. and stock surplus, local Balance deposits in Grand ids Savings bank to be liquidated.
13.November 5, 1934The Grand Rapids PressGrand Rapids, MI
Article Text
BANK RECEIVERS CLOSE OFFICES ELECTION DAY
Receivership offices for the Grand Rapids Savings bank, Grand Rapids National bank, American Home Security bank, GalewoodWyoming bank and East Grand Rapids will be closed all day Tuesday because of the election.
14.January 2, 1935The Grand Rapids PressGrand Rapids, MI
Article Text
THREATENS TO SUE BANK STOCKHOLDERS
Receiver McCaslin Sends Letter to Those of the Old Grand Rapids Savings.
Suits by Receiver William R. McCaslin of the Grand Rapids Savings bank against a total of more than 300 stockholders in that bank to collect assessments are in prospect.
There is about $1,000,000 in stock of the bank outstanding. Principal stockholders, it is said, are Gilbert L. Daane, former president of the bank, and the William Alden Smith estate, these holdings aggregating more than $125,000, it is stated.
Threatens to Sue.
Receiver McCaslin, who stated he is authorized by the state banking commission and RFC to take legal action if necessary, Wednesday sent the following letter to stockholders of the Grand Rapids Savings bank:
"Under date of Feb. 21, 1934, I notified you in accordance with instructions of the advisory banking
15.January 2, 1935The Flint JournalFlint, MI
Article Text
300 STOCKHOLDERS RECEIVE WARNINGS
Grand Rapids Bank Receiver Tells Them They Must Pay 100 P. C. Assessment.
Grand Rapids, Jan. 2.—(By AP) — Circular letters warning the more than 300 stockholders of the defunct Grand Rapids savings bank that unless they pay a 100 per cent assessment levied against their holdings some time ago suit will be filed to collect it, were placed in the mails today by William R. McCaslin, receiver for the bank.
16.April 29, 1935The Grand Rapids PressGrand Rapids, MI
Article Text
TRIAL AGAINST BANK RECEIVER IS OPENED
Schools in East Grand Rapids Seek $1,194 From McCaslin.
Circuit Judge William B. Brown Monday was hearing the case brought by the East Grand Rapids board of education against William R. McCaslin, receiver for the Grand Rapids Savings bank, to recover $1,194 reposing in a special coupon account of the school district when the bank closed at the time of the bank holiday.
The school district asks the court decree the fund to be a trust fund, thus entitling the school to preference over general creditors. It is the contention of the school board that the money was in the bank's custody solely for the purpose of paying principal and interest on school bonds and that the bank was only paying agent.
17.April 29, 1935The Grand Rapids PressGrand Rapids, MI
Article Text
Circuit Judge William B. Brown Monday was hearing the case brought by the East Grand Rapids board of education against William R. McCaslin, receiver for the Grand Rapids Savings bank, to recover $1,194 reposing in a special coupon account of the school district when the bank closed at the time of the bank holiday.
The school district asks the court decree the fund to be a trust fund, thus entitling the school to preference over general creditors. It is the contention of the school board that the money was in the bank's custody solely for the purpose of paying principal and interest on school bonds and that the bank was only paying agent.
18.May 29, 1935The Grand Rapids PressGrand Rapids, MI
Article Text
Bank Receiver Sues.
Declaration has been filed in circuit court by William R. McCaslin, receiver for the Grand Rapids Savings bank, against J. Hampton Hoult, suing on three notes for $2,500, $6,000 and $60,000 respectively, given in 1933. A declaration was filed against William A. Hoult on one count for $4,000 and another for $8,000. Receiver McCaslin filed declaration against J. G. Lloyd Alexander to recover on notes signed in 1933, suit being for $2,500 on one count, $4,000 on a second and $200 on a third.
Johnny Williams, alias Johnny McCall, was given suspended sentence of six months and probation for that period when he pleaded guilty in superior court to violation of the liquor laws.
19.July 23, 1935The Grand Rapids PressGrand Rapids, MI
Article Text
Gilbert L. Daane, former president of the closed Grand Rapids Savings bank, Tuesday was sued by William R. McCaslin, receiver, for $85,300, representing an assessment on stock owned by Daane and his wife.
According to the petition of the receiver to circuit court for permission to file the suit, Daane owns 1,800 shares of stock in his own name and 2,465 shares are in the name of his wife, Mamie B. Daane, for a total of 4,265 shares. Judge William B. Brown on March 23 of this year granted permission to sue and R. E. Reichert, state banking commissioner, granted his permission on Feb. 12, 1934.
The bank closed when the holiday was called by Gov. Comstock in February, 1933.
Par value of the stock is $20.
There were 300 stockholders owning 50,000 shares of stock when the bank suspended business.
20.August 27, 1935The Grand Rapids PressGrand Rapids, MI
Article Text
DEFAULT DECREE TO BANK RECEIVER
A decree for default judgment for $68,592.43 was filed in circuit court Monday afternoon against J. Hampton Hoult in the suit brought by William R. McCaslin, receiver for the Grand Rapids Savings bank, to collect on notes given by Hoult. Judge William B. Brown filed the judgment.
21.August 27, 1935The Grand Rapids PressGrand Rapids, MI
Article Text
A decree for default judgment for $68,592.43 was filed in circuit court Monday afternoon against J. Hampton Hoult in the suit brought by William R. McCaslin, receiver for the Grand Rapids Savings bank, to collect on notes given by Hoult. Judge William B. Brown filed the judgment.
22.December 12, 1935The Grand Rapids PressGrand Rapids, MI
Article Text
Bank Gets Deposit Book 65 Years Old
A savings deposit book of the Grand Rapids Savings bank issued in May, 1870, was sent this week to the Grand Rapids Savings bank receivers' by the Hartford, Conn., National Bank & Trust Co. in connection with a claim of the estate of George Bond for a balance of $8.50.
The book, the last entry in which was made in 1929, gives the president of the bank in 1870 as A. X. Cary and George W. Allen as vice president. Marcus W. Bates was treasurer and secretary. Bank trustees named were Cary, S. S. Bailey, S. O. Kingsbury, S. M. Garfield, John R. Stewart, W. S. Gunn, Eben Smith, H. M. Hinsdell and E. S. Pierce.
The location of the bank is given as in the basement of the City National bank, Pearl-st. and Monroe-av. Banking hours then were 8 a. m. to 5 p. m. and on Saturdays 6 a. m. to 8 p. m.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.